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Ronald Maguire

15 June 2022 151 Read Crypto

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Coinbase Stops Hiring and Lays Off 1,100 Employees

Coinbase laid off 18% of its current workforce, roughly 1,100 employees. Coinbase, which has initiated a restructuring plan that includes reducing the company's workforce, states that fears of financial recession and macroeconomic conditions are among the main reasons for this decision.

Announcing that it will freeze its hiring processes recently, Coinbase confirmed a loss in its earnings report for the first quarter of 2022. The cryptocurrency exchange seems to be under a lot of economic stress. Coinbase thinks that we have entered a period of decreasing industrial and commercial activities all over the world.

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